§ 1150a. — Farm loans to which chapter is applicable.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1150a]
TITLE 12--BANKS AND BANKING
CHAPTER 8--ADJUSTMENT AND CANCELLATION OF FARM LOANS
Sec. 1150a. Farm loans to which chapter is applicable
The provisions of this chapter shall apply to any indebtedness of
farmers arising from loans or payments made or credit extended to them
under any of the following Acts or programs: (a) July 1, 1918 (40 Stat.
635); March 3, 1921 (41 Stat. 1347); March 20, 1922 (42 Stat. 467);
April 26, 1924 (43 Stat. 110); February 25, 1927 (44 Stat. 1245);
February 28, 1927 (44 Stat., part II, 1251); February 25, 1929 (45 Stat.
1306), as amended May 17, 1929 (46 Stat. 3); March 3, 1930 (46 Stat. 78-
79), as amended April 24, 1930 (46 Stat. 254); December 20, 1930 (46
Stat. 1032), as amended February 14, 1931 (46 Stat. 1160); February 23,
1931 (46 Stat. 1276); January 22, 1932 (47 Stat. 5); March 3, 1932 (47
Stat. 60); February 4, 1933 (47 Stat. 795); February 23, 1934 (48 Stat.
354); June 19, 1934 (48 Stat. 1056); February 20, 1935 (49 Stat. 28);
March 21, 1935 (49 Stat. 50); April 8, 1935 (49 Stat. 115); (Executive
Order Numbered 7305); January 29, 1937 (50 Stat. 5); and February 4,
1938 (52 Stat. 27); (b) Agricultural Adjustment Act (of 1933); Bankhead
Cotton Act of April 21, 1934, on account of the several cotton tax-
exemption certificate pools; Jones-Connally Cattle Act of April 7, 1934;
Emergency Appropriation Act, fiscal year 1935, approved June 19, 1934;
Kerr Tobacco Act of June 28, 1934, and Public Resolution Numbered 76,
approved March 14, 1936; section 32 of the Act of August 24, 1935, and
related legislation; Supplemental Appropriation Act, fiscal year 1936;
sections 7 to 17 of the Soil Conservation and Domestic Allotment Act;
Sugar Act of 1937; sections 303 and 381(a) of the Agricultural
Adjustment Act of 1938 and related or subsequent legislation authorizing
parity or price adjustment payments; title IV and title V of the
Agricultural Adjustment Act of 1938 and related legislation; any
amendment to any of the foregoing Acts heretofore and any other Act of
Congress heretofore enacted authorizing payments to farmers under
programs administered through the Agricultural Adjustment Agency; (c)
Loans made by or through the Resettlement Administration of the Farm
Security Administration out of funds appropriated or made available by
or pursuant to the following Acts; April 8, 1935 (49 Stat. 115); June
22, 1936 (49 Stat. 1608); February 9, 1937 (50 Stat. 8); June 29, 1937
(50 Stat. 352); The Bankhead-Jones Farm Tenant Act, July 22, 1937 (50
Stat. 522 et seq.); the Water Facilities Act of August 28, 1937 (50
Stat. 869 et seq.); March 2, 1938 (52 Stat. 83, Public Resolution
Numbered 80); June 21, 1938 (52 Stat. 809); June 30, 1939 (53 Stat.
927); June 26, 1940 (Public Resolution Numbered 88); flood-restoration
loans, Second Deficiency Appropriation Act, 1943 (57 Stat. 537, 542);
and subsequent legislation appropriating or making available funds for
such loans; commodity loan, purchase, sale, and other programs of the
Commodity Credit Corporation; and crop-insurance programs formulated
pursuant to title V of the Agricultural Adjustment Act of 1938 (the
Federal Crop Insurance Act), and any amendment or supplement thereto
heretofore or hereafter enacted. This chapter shall also apply to any
indebtedness of farmers evidenced by notes or accounts receivable, title
to which has been acquired in the liquidation of loans to cooperative
associations made under the provisions of the Act of June 15, 1929 (46
Stat. 11).
(Dec. 20, 1944, ch. 623, Sec. 2, 58 Stat. 836.)
References in Text
Act of January 22, 1932 (47 Stat. 5), referred to in text, is act
Jan. 22, 1932, ch. 8, 47 Stat. 5, as amended, known as the
Reconstruction Finance Corporation Act, which was formerly classified to
chapter 14 (Sec. 601 et seq.) of Title 15, Commerce and Trade, and which
has been eliminated from the Code. For complete classification of this
Act prior to its elimination from the Code, see Tables.
Act of March 3, 1932 (47 Stat. 60), referred to in text, is act Mar.
3, 1932, ch. 70, 47 Stat. 60, which is classified generally to chapter
10 (Sec. 1401 et seq.) of this title. For complete classification of
this Act to the Code, see Tables.
Act of April 8, 1935 (49 Stat. 115), and (Executive Order Numbered
7305), referred to in text, mean act Apr. 8, 1935, ch. 48, 49 Stat. 115,
and Ex. Ord. No. 7305, Feb. 28, 1936, respectively, which were formerly
classified to Chapter 16 (Sec. 721 et seq.) of Title 15, as legislation
supplementary to the Federal Emergency Relief Act of 1933. Such
provisions have been eliminated from the Code.
Act of June 19, 1934 (48 Stat. 1056), referred to in text, probably
means act June 19, 1934, ch. 648, title II, Sec. 1, 48 Stat. 1056. See
References in Text note for the Emergency Appropriation Act, fiscal year
1935, below.
Act of January 29, 1937 (50 Stat. 5), referred to in text, is act
Jan. 29, 1937, ch. 7, 50 Stat. 5, which was formerly classified to
subchapter II-B (Sec. 1020i et seq.) of chapter 7 of this title, and
which was repealed by act Aug. 14, 1946, ch. 964, Sec. 2(a)(2), 60 Stat.
1062.
The Agricultural Adjustment Act (of 1933), referred to in text,
probably means title I of act May 12, 1933, ch. 25, 48 Stat. 31, as
amended, known as the Agricultural Adjustment Act, which is classified
generally to chapter 26 (Sec. 601 et seq.) of Title 7, Agriculture. For
complete classification of this Act to the Code, see Short Title note
set out under section 601 of Title 7 and Tables.
The Bankhead Cotton Act of April 21, 1934, referred to in text, is
act Apr. 21, 1934, ch. 157, 48 Stat. 598, as amended, which is
classified generally to chapter 27 (Sec. 701 et seq.) of Title 7. The
Bankhead Cotton Act was substantially repealed by act Feb. 10, 1936, ch.
42, 49 Stat. 1106. For complete classification of this Act to the Code,
see Tables.
The Jones-Connally Cattle Act of April 7, 1934, referred to in text,
is act Apr. 7, 1934, ch. 103, 48 Stat. 528, which is classified to
sections 608, 608b, 609, 611, 612, and 612a of Title 7. For complete
classification of this Act to the Code, see Tables.
Emergency Appropriation Act, fiscal year 1935, approved June 19,
1934, referred to in text, is act June 19, 1934, ch. 648, title II, 48
Stat. 1055, relevant provisions of which were classified to sections 604
and 605 of Title 7, and section 59 of former Title 49, Transportation.
Section 605 of Title 7 was repealed by act June 30, 1947, ch. 166, title
II, Sec. 206(d), 61 Stat. 208, and section 59 of former Title 49, was
repealed by Pub. L. 95-473, Sec. 4(b), Oct. 17, 1978, 92 Stat. 1466, the
first section of which enacted subtitle IV (Sec. 10101 et seq.) of Title
49, Transportation. For complete classification of this Act to the Code,
see Tables.
The Kerr Tobacco Act of June 28, 1934, referred to in text, is act
June 28, 1934, ch. 866, Secs. 1 to 16, 48 Stat. 1275, as amended, which
was formerly classified to chapter 28 (Sec. 751 et seq.) of Title 7, and
which was repealed by act Feb. 10, 1936, ch. 42, 49 Stat. 1106.
Section 32 of the Act of August 24, 1935, referred to in text, is
classified to section 612c of Title 7.
Supplemental Appropriation Act, fiscal year 1936, referred to in
text, is act Feb. 11, 1936, ch. 49, 49 Stat. 1134, provisions of which
were formerly classified to chapter 16 (Sec. 721 et seq.) of Title 15,
Commerce and Trade, as legislation supplementary to the Federal
Emergency Relief Act of 1933. Such provisions have been eliminated from
the Code. For complete classification of this Act to the Code, see
Tables.
Sections 7 to 17 of the Soil Conservation and Domestic Allotment
Act, referred to in text, are classified to sections 590g, 590h, 590i,
and 590j to 590q of Title 16, Conservation. Section 16 of the Act,
classified to section 590p of Title 16, was repealed by Pub. L. 104-127,
title III, Sec. 336(b)(1), Apr. 4, 1996, 110 Stat. 1006.
The Sugar Act of 1937, referred to in text, is act Sept. 1, 1937,
ch. 898, 50 Stat. 903, which was formerly classified to chapter 34
(Sec. 1100 et seq.) of Title 7, Agriculture. The Sugar Act of 1937
expired on Dec. 31, 1947, and was superseded by the Sugar Act of 1948,
which in turn expired on Dec. 31, 1974, and which has now been
eliminated from the Code. For complete classification of the Sugar Act
of 1937 to the Code prior to its expiration, see Tables.
Sections 303 and 381(a) of the Agricultural Adjustment Act of 1938,
referred to in text, are classified to sections 1303 and 1381(a),
respectively, of Title 7. Section 1381 of Title 7, was omitted from the
Code.
The Agricultural Adjustment Act of 1938, referred to in text, is act
Feb. 16, 1938, ch. 30, 52 Stat. 31, as amended. Title IV of the Act was
formerly classified to subchapter III (Sec. 1401 et seq.) of chapter 35
of Title 7, and has been eliminated from the Code. Title V of the Act,
known as the Federal Crop Insurance Act, is classified generally to
chapter 36 (Sec. 1501 et seq.) of Title 7. For complete classification
of these Acts to the Code, see sections 1281 and 1501 of Title 7 and
Tables.
Act of June 22, 1936 (49 Stat. 1608), referred to in text, probably
means act June 22, 1936, ch. 689, title II, 49 Stat. 1608, provisions of
which were formerly classified to chapter 16 (Sec. 721 et seq.) of Title
15, Commerce and Trade, as legislation supplementary to the Federal
Emergency Relief Act of 1933. Such provisions have been eliminated from
the Code.
Act of June 29, 1937 (50 Stat. 352), referred to in text, probably
means act June 29, 1937, ch. 401, 50 Stat. 357, provisions of which were
formerly classified to chapter 16 (Sec. 721 et seq.) of Title 15, as
legislation supplementary to the Federal Emergency Relief Act of 1933.
Such provisions have been eliminated from the Code. For complete
classification of this Act to the Code, see Tables.
The Bankhead-Jones Farm Tenant Act, referred to in text, is act July
22, 1937, ch. 517, 50 Stat. 522, as amended, which is classified
generally to chapter 33 (Sec. 1000 et seq.) of Title 7, Agriculture. For
complete classification of this Act to the Code, see section 1000 of
Title 7 and Tables.
The Water Facilities Act of August 28, 1937 (50 Stat. 869 et seq.),
referred to in text, is act Aug. 28, 1937, ch. 870, 50 Stat. 869, which
was formerly classified to sections 590r to 590x-4 of Title 16,
Conservation, and was repealed by section 341(a) of Pub. L. 87-128,
title III, Aug. 8, 1961, 75 Stat. 318. See chapter 50 (Sec. 1921 et
seq.) of Title 7, Agriculture.
Acts of March 2, 1938 (52 Stat. 83, Public Resolution Numbered 80),
June 21, 1938 (52 Stat. 809), and June 30, 1939 (53 Stat. 927), referred
to in text, are acts Mar. 2, 1938, ch. 38, 52 Stat. 83, June 21, 1938,
ch. 554, 52 Stat. 809, and June 30, 1939, ch. 252, 53 Stat. 927,
respectively, which were formerly classified to chapter 16 (Sec. 721 et
seq.) of Title 15, Commerce and Trade, as legislation supplementary to
the Federal Emergency Relief Act of 1933. Such provisions have been
eliminated from the Code.
Act of June 26, 1940 (Public Resolution Numbered 88), referred to in
text, is act June 26, 1940, ch. 432, 54 Stat. 611, provisions of which
were formerly classified to section 609i of Title 15, and also to
chapter 16 (Sec. 721 et seq.) of Title 15, as legislation supplementary
to the Federal Emergency Relief Act of 1933. Such provisions have been
eliminated from the Code. For complete classification of this Act to the
Code, see Tables.
Act of June 15, 1929 (46 Stat. 11), referred to in text, is act June
15, 1929, ch. 24, 46 Stat. 11, as amended, known as the Agricultural
Marketing Act, which is classified generally to chapter 7A (Sec. 1141 et
seq.) of this title. For complete classification of this Act to the
Code, see section 1141j(f) of this title and Tables.
Transfer of Functions
Functions of all officers, agencies, and employees of Department of
Agriculture transferred, with certain exceptions, to Secretary of
Agriculture by Reorg. Plan No. 2, of 1953, Sec. 1, eff. June 4, 1953, 18
F.R. 3219, 67 Stat. 633, set out in the Appendix to Title 5, Government
Organization and Employees.
Functions of Agricultural Adjustment Agency and administration of
programs of Commodity Credit Corporation and Federal Crop Insurance
Corporation transferred to Secretary of Agriculture by Reorg. Plan No. 3
of 1946, Sec. 501, eff. July 16, 1946, 11 F.R. 7877, 60 Stat. 1100, set
out in the Appendix to Title 5. See, also, notes under sections 610 and
1503 of Title 7, Agriculture.
Farm Security Administration abolished, see note under sections 1001
to 1006 of Title 7, Agriculture.
Exceptions From Transfer of Functions
Functions of Corporations of Department of Agriculture, boards of
directors and officers of such corporations, Advisory Board of Commodity
Credit Corporation, and Farm Credit Administration or any agency,
officer, or entity of, under, or subject to supervision of said
Administration excepted from functions of officers, agencies, and
employees transferred to Secretary of Agriculture by Reorg. Plan No. 2
of 1953, Sec. 1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat. 633, set out
in the Appendix to Title 5, Government Organization and Employees.
Section Referred to in Other Sections
This section is referred to in title 18 sections 217, 1026.
